Singapore office rents to post a hefty increase of 12% this year

Asia’s office leasing sector to remain steady.

According to Colliers International, overall, Asia’s office leasing sector will remain steady, with rents increasing by an average of around 3% across the region in 2014. However, there will be some big variations. Jakarta and Manila are expected to remain the hot spots.

These two cities saw substantial increases in rents last year, and the trend is set to continue with 13% and 9% growth in 2014. Its recovery from a cyclical downturn and growing demand will probably fuel a hefty 12% increase in Singapore too.

The performances of office markets in different regions of China will be mixed. The region’s two key laggards are expected to be Hong Kong, due to limited growth in demand, and India, where economic and political concerns have dampened market sentiment.